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John Banks Finance

PCP (Personal Contract Purchase)

PCP (Personal Contract Purchase) a simple cost effective way to buy your new or nearly new vehicle.You choose the vehicle, the deposit, how long you want the contract to run for and the mileage you intend to do. You will then receive a quote for fixed cost motoring for the length of the contract. At the end of the contract you have a choice to either buy the vehicle outright for an agreed lump sum (the GFV or final balloon payment), or hand the vehicle back to the lender.

Dacia HP (Hire Purchase)

Hire Purchase allows you to take ownership of a vehicle once all payments are made. This is one of the most popular methods to buy a new vehicle. You pay an initial deposit, then pay off the balance in monthly payments over an agreed period of time, when the payments are complete the vehicle is yours. One of the main benefits with Hire Purchase is the ability to buy a high value vehicle on monthly payments. Hire Purchase allows you to tailor your finance package as deposit, length of time and monthly payments are all flexible.

LP (Lease Purchase)

Lease purchase is a form of conditional sale agreement, which means that the regular payments are similar to a lease/rental agreement but you will own the car at the end of the deal. You may be asked to pay a number of monthly payments at the start of your agreement (referred to as ‘advance payments’ and the leasing equivalent of a deposit) and a sum is usually deferred to the end of the deal.  The deferred sum will be determined by the age and mileage of the car at the end of the agreement. The difference between a lease purchase and a PCP agreement is that the deferred sum (referred to as a Guaranteed Minimum Future Value (GMFV) in a PCP deal) must be paid on a lease purchase agreement. On a PCP, it’s optional.

Dacia Contract Hire Explained as well well as Contract Hire Maintenance Explained for your complete peace of mind.

John Banks Limited are registered in the UK, Companies House Number 1831725 at Kempson Way, Moreton Hall, Bury St Edmunds, Suffolk, IP32 7AR with sites at Ipswich and Cambridge all covered under the Financial Conduct Authority Firm Reference 308667. Our permitted business is the sale of Motor Related Non-investment insurance contracts.

Get more information about Contract Hire maintenance by watching this video

John Banks Limited are registered in the UK, Companies House Number 1831725 at Kempson Way, Moreton Hall, Bury St Edmunds, Suffolk, IP32 7AR with sites at Ipswich and Cambridge all covered under the Financial Conduct Authority Firm Reference 308667. Our permitted business is the sale of Motor Related Non-investment insurance contracts.